Old Dominion Freight Line, Inc. $ODFL Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC cut its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 22.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,572 shares of the transportation company’s stock after selling 2,435 shares during the period. Procyon Advisors LLC’s holdings in Old Dominion Freight Line were worth $1,675,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Associated Banc Corp lifted its position in Old Dominion Freight Line by 67.1% in the first quarter. Associated Banc Corp now owns 210,162 shares of the transportation company’s stock worth $41,066,000 after purchasing an additional 84,374 shares during the period. Diversify Wealth Management LLC acquired a new position in shares of Old Dominion Freight Line during the 1st quarter valued at $598,000. Pittenger & Anderson Inc. raised its stake in shares of Old Dominion Freight Line by 3,700.0% in the 1st quarter. Pittenger & Anderson Inc. now owns 8,360 shares of the transportation company’s stock worth $1,634,000 after buying an additional 8,140 shares in the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of Old Dominion Freight Line by 30.7% in the 1st quarter. Citizens Financial Group Inc. RI now owns 2,777 shares of the transportation company’s stock worth $543,000 after buying an additional 653 shares in the last quarter. Finally, Midwest Trust Co lifted its holdings in shares of Old Dominion Freight Line by 26.0% in the first quarter. Midwest Trust Co now owns 50,885 shares of the transportation company’s stock valued at $9,943,000 after buying an additional 10,496 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Insider Transactions at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $232.90 on Tuesday. The firm’s 50 day simple moving average is $219.14 and its 200-day simple moving average is $200.42. The company has a market cap of $48.44 billion, a P/E ratio of 48.72, a price-to-earnings-growth ratio of 4.16 and a beta of 1.18. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.5 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s payout ratio is 24.27%.

Wall Street Analyst Weigh In

ODFL has been the subject of several research reports. Susquehanna raised their target price on Old Dominion Freight Line from $205.00 to $224.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Citigroup upgraded shares of Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price target on the stock in a research report on Thursday. Argus upped their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, June 18th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company raised shares of Old Dominion Freight Line from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $235.00 to $250.00 in a research note on Wednesday, July 8th. Ten research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average price target of $220.74.

About Old Dominion Freight Line

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.